Positioned at the heart of the Energy Corridor, the 94%-occupied, class A complex at 1415 Eldridge Parkway was listed at $53 million. The seller's broker, Matthew Rotan in the Houston office of Apartment Realty Advisors, says the 27.2-acre asset garnered 20 offers from institutional and private investors during a 30-day marketing period.
Rotan tells GlobeSt.com that Sentinel sold the holding so it could focus on close-in city submarkets like the Galleria, Medical Center, midtown and downtown. A month ago, Sentinel bought the 356-unit, 33-story apartment tower, 1200 Post Oak, in the Galleria area from Hanover Co., which also developed the 368-unit second phase for the Lodge at Eldridge Parkway in 1999 when Sentinel acquired it. Sentinel also owns two other Hanover-built projects in the CBD.
AMLI immediately renamed the complex to AMLI on Eldridge Parkway. The complex consists of 26 three-story buildings with one-, two- and three-bedroom units. Units average 884 sf; rent averages 91 cents per sf.
Robert J. Chapman, AMLI's executive vice president and CFO, says his firm likes to buy young properties located in white-collar employment centers that "appeal to the renter by choice" crowd. He adds his firm considers Houston a core market and is "looking" for other acquisition opportunities.
Mark Alfieri, AMLI's acquisitions and dispositions executive for the southwest and mountain regions, says the REIT also liked the positioning in a master-planned area as well as the presence of major corporations like Sysco and Stone & Webster. Alfieri says there will be some minor cosmetic upgrades made to the class A asset.
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